STOCK MARKETS — Commonwealth issue gains on northern

Diamond exploration continues to generate investor interest on western markets. During the week ended Sept. 29, the Vancouver Stock Exchange resource index managed a 13.23-point gain to 572.30, while the composite index edged up less than a point to 563.77.

The Alberta Stock Exchange lost ground, slipping more than six points to finish the week at 876.89.

Commonwealth Gold retained its top trading spot with 5.2 million shares changing hands. The issue managed to touch a year-high of 82 cents before settling at 69 cents for a gain of 6 cents.

The company, along with partners Aber Resources and SouthernEra Resources, recently started drill-testing a number of targets in the Lac de Gras area of the Northwest Territories. The companies have outlined a number of kimberlite targets coincident with diamond indicator minerals on the ground. Dia Met Minerals, which started the diamond exploration rush in the Northwest Territories, added 38 cents to finish at $20.

Given the lack of solid information on Dia Met’s activities and the length of time until investors are likely to see results from a major bulk sample, many Vancouver resource analysts wonder how long the issue can hold its speculative shine.

There are currently only 21 operating diamond mines in the world, leading some persons to point out that the odds of finding another would appear to be long indeed.

That aside, the lure of diamonds continues to generate activity. Kalahari Resources reports that Kennecott, its joint venture partner on the MacKay Lake property in

the Northwest Territories, has completed a regional esker and beach sampling program as well as a till sampling program down-ice from a number of geophysical targets. Processing of the samples for diamond indicator minerals is under way. Kalahari lost 7 cents on the week to close at 54 cents. The recent drop in the Canadian dollar is likely good news for copper explorers. With the dollar dropping about 5% during the past month, copper’s value in Canadian funds increases by a proportionate amount; the metal is now sitting at about US$1.35 per lb. on spot markets.

New Canamin Resources released a number of good-grade copper values from drilling on its Huckleberry property near Kemano, B.C. New Canamin is earning a 60% interest in the property from Kennecott and hopes to outline a high-grade core within an estimated preliminary reserve of about 85.6 million tons grading 0.4% copper. Drilling results include a 175-ft. intersection grading over 1% copper, plus a number of sections better than 100 ft. grading over 0.6% copper. The issue finished up 23 cents at $1.38.

Western Copper Holdings also did well, gaining 40 cents to close at $1.60. The company recently acquired an option on a copper-oxide deposit in California and is developing a large copper-oxide project in the Yukon with ASE-listed Thermal Exploration. Thermal remained unchanged at 50 cents. Representing better than a triple in the past month, Kookaburra Gold jumped 45 cents, finishing the period at a new high of $1.70. The company is developing a Nevada copper-oxide deposit, where preliminary reserves stand at about 16.1 million tons grading 0.55% copper. Kookaburra can also acquire up to a 65% interest in two copper projects in Ecuador from AG Armeno Mines. AG Armeno remained unchanged at the 90 cents level.

Additional high-grade drill intersections from

its Prairie Creek Mine property in the Northwest Territories had little effect on San Andreas Resources shares. The drilling included a 19.4-ft. intersection grading 15.45% lead, 5.61% zinc and 8.39 oz. silver per ton. San Andreas lost a dime to close at $3.10.